REIT School: Analyst Training In Real Estate Investment Trusts

Produced by the Knowledge Center, expert training from S&P Global Market Intelligence

REIT School: Analyst Training in Real Estate Investment Trusts provides a comprehensive introduction to the sector through lectures, group discussions and case studies led by a diverse slate of active practitioners, with a unique opportunity to network with attendees from across the spectrum of REITs and REIT finance.

In the nearly two decades since the first REIT School™, we have covered everything from the nuts and bolts of Net Asset Value to the influence of the "REIT Mafia" on capital flows and REIT valuation. In addition to perennial sessions covering real estate finance, property analysis and a capstone valuation case study, topics include: 

Topics include:

  • Real estate market cycles, the state of the sector and the competitive and strategic issues going forward
  • The sources of financial data necessary for evaluating a REIT’s economic health and risk-return profile
  • How fixed income analysts look at REITs and the qualitative factors, quantitative measures and benchmarks underlying REIT credit analysis
  • Strategies for accessing the capital markets and managing capital
  • Methods of evaluating acquisitions and dispositions at the property and corporate levels
  • Issues surrounding REIT M&A
  • Methodologies for valuing companies and structuring deals

What you'll gain:

  • A comprehensive picture of the REIT sector and an understanding of a company's position within it. 
  • An enhanced ability to communicate with professionals working on Wall Street or within REITs. 
  • An introduction to proven methodologies for evaluating REITs as targets, investments or competitors. 
  • An understanding of options for accessing capital and their effects on the balance sheet. 
  • Improved analysis and forecasting techniques through an understanding of the impact of leverage levels, re-equitization and transactions at both the property and corporate levels. 
  • Knowledge of the multiple approaches to valuation in the sector.

  • This program presumes familiarity with basic accounting and corporate finance concepts as well as a basic understanding of the REIT financial structure. Prior to the program, participants will receive materials for the Investing in REITs case study as well as suggested reading for those new to the sector. 

REIT School: Analyst Training In Real Estate Investment Trusts Agenda

MONDAY, June 25th
Agenda is tentative. Please check back for updates.
02:00 pm
(OPTIONAL) SNL Real Estate Database Product Training

SNL Real Estate Introduction

  • • How to get registered and get the SNL Office add-in installed.
  • • How to set site preferences to customize the SNL website to your industry.
  • • How to set up a custom portfolio of companies. Custom portfolios can be used throughout the SNL website for advanced searches for news and documents, as well as for peer stock performance analysis.
02:30 pm
Company Analysis
  • • Learn how to access individual company data on SNL Web, including standardized financial data, property information, capital markets activity, pricing and total returns and M&A activity.
  • • Create and analyze a peer list in SNL Office based on each REIT's primary property type, market cap, credit quality, financial performance and other metrics.
03:15 pm
03:30 pm
Property Data Analysis
  • • Utilize SNL's property data to determine the geographic exposure of a chosen company by property type
  • • Examine a chosen market to understand equity REIT asset ownership in that market.
  • • Compare asset transactions in various markets by equity REITs to market level data from RCA, including transaction volume, price per square foot, market occupancy and cap rates.
  • • Implement demographic data at various levels to develop a greater understanding of the demographics surrounding a chosen list of assets.
04:00 pm
Property Mapping
  • • Use the SNL Mapping tool to quickly create a map illustrating geographic exposure for a chosen set of companies.
  • • Apply custom demographic tapestry layers to an existing SNL Map.
  • • Generate radial and drive-time demographics for any chosen point in the US.
  • • Save, export and share maps with colleagues in a variety of resolutions and formats.
04:30 pm
TUESDAY, June 26th
07:30 am
Registration and Continental Breakfast Open
08:30 am
Market Cycles
  • • Introduction to market analysis and forecasting
  • • The characteristics of real estate market cycles
  • • The competitive and strategic issues facing REITs today
10:30 am
Refreshment Break
10:45 am
REIT Financial Statement Analysis
  • • The sources of financial data necessary for evaluating a REIT’s economic health and risk/return profile
  • • Dissecting the line items of REIT financial statement
12:30 pm
01:45 pm
Real Estate Credit Analysis
  • • How fixed income analysts look at REITs
  • • The qualitative factors, quantitative measures and benchmarks underlying corporate debt analysis
03:15 pm
Refreshment Break
03:30 pm
Fundamentals of REIT Finance
  • • Core vs. non-core real estate
    • - Return generating process
    • - Performance of core vs. non-core
    • - Interpreting real estate indices
  • • Risk-adjusted returns
  • • Leverage effects and volatility
  • • Acquisition and disposition transaction costs
05:30 pm
Day One Concludes
Choose from: An optional Riverboat Tour or Cocktail Reception
WEDNESDAY, June 27th
07:45 am
Continental Breakfast Opens
08:30 am
Property Analysis
  • • The methodology and processes of property acquisition
  • • The competitive nature of property acquisitions in commercial real estate at-large
  • • Analytical tools for evaluating property values
  • • Trends and outlook for cap rates, capital flows and buyer/seller activity
10:00 am
Refreshment Break
10:15 am
Accessing and Managing Capital
  • • Capital instruments available to REITs
  • • The advantages and drawbacks of balance sheet management strategies
  • • Effects of capital-raising techniques on the balance sheet and income statement; tax considerations
11:30 am
Valuation and Mergers & Acquisitions
  • • Issues surrounding M&A in the REIT sector
  • • Multiple approaches to valuing companies and structuring deals
12:30 pm
Lunch Keynote
02:00 pm
Investing in REITs: A Case Study
  • • A hands-on analysis and valuation of a REIT as a potential investment or acquisition candidate
  • • Employs the metrics and methods presented in the preceding sessions
  • • Day Two concludes at approximately 5:00 p.m.
04:30 pm
Program Concludes

Ticket Info

Early Bird Rate: $1,695
(Expires on May 4th, 2018)
Regular Rate: $1,995


Event location

The Gleacher Center
450 N Cityfront Plaza Dr
Chicago, IL, US
+1 (312) 464-8787


Who Attends? 

  • Finance, operations, marketing and IR professionals at REITs and other real estate companies who want insight into the analysis of their own company and techniques for evaluating their peers
  • Analysts and associates in equity or fixed income research, asset management, or investment banking, seeking a comprehensive introduction to the analysis of the real estate securities industry
  • Consultants and accountants who advise real estate-related companies
  • Current and potential investors seeking insight into the industry

What is the dress code? 

Business casual

Do I need to bring a laptop? 


Are meals included? 

Your registration includes continental breakfast and lunch both days.

Where should I stay? 

Information about accommodations can be found under the "Event Location" tab.

When does the program start? When does it end? 

The optional SNL product training begins 2PM on the day prior to the beginning of the REIT School program. Registration for REIT School opens on Day One of the program, at 7:30 a.m, or if you attend the product training, you may register at that time. Sessions commence both days at 8:30 a.m. and are preceded by breakfast outside the meeting room. The program will concludes on the second day at approximately 5:00 p.m.

What are the terms of registration?

Cancellations for this program are eligible for a full refund, less a $150.00 administrative fee, if received at least 15 business days prior to the start of the program. Cancellations received after that date but at least 5 business days prior to the start of the program receive a credit in the amount of the registration fee, less a $150.00 administrative fee, to attend another Knowledge Center program within 13 months. Cancellations received fewer than 5 business days prior to the start of the program are not eligible for a refund or credit. 

Attendee substitutions from the same company may be made at any time.

In the event of a cancellation from a group discount, refunds or credits are issued beginning with the most heavily discounted price, minus a $150.00 administration fee.

"No shows" - or those who cancel within 15 days of the program - and have registered under the Invoice option, remain liable for the full program fee.

The Knowledge Center reserves the right to cancel/change programs, content, speakers or venue at any time. The Knowledge Center reserves the right to make portions of the program registration information available to program sponsors. The Knowledge Center will not be held liable for any costs incurred by registrant due to individual registration cancellation. In the event that a seminar is cancelled due to inclement weather, faculty cancellation or force majeure, the Knowledge Center will refund the registrant's tuition in full, however the Knowledge Center will not be liable for incidental or consequential out of pocket expenses incurred by the registrant. If you have questions regarding the Knowledge Center's refund, complaint or program cancellation policy, please call us at (434) 951-7786.

Registrant, as an individual person attending a Knowledge Center conference, seminar, or other program, hereby grants permission to the Knowledge Center to use and publish his or her image, likeness, or testimonials collected in connection with the program for advertising and trade purposes in connection with the Knowledge Center’s conferences, instructional, and/or marketing activities.

Continuing Education Credits

16.5 Hours of CPE Credit
Participants who complete this program qualify for 16.5 hours of CPE credit (Specialized Knowledge and Applications). Program Level: Intermediate. Delivery Method: Group-based live. The Knowledge Center is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: